Tds
This query is : Resolved
26 March 2014
Dear Sir
I am a partner in a firm.Firm is deducting TDS on making payment as per income tax act.I am also paying interest in my individual capacity .Whether i have to deduct TDS in my individual file as i am the partner of a firm which is deducting TDS.
I am a partner in a firm.Firm is deducting TDS on making payment as per income tax act.I am also paying interest in my individual capacity .Whether i have to deduct TDS in my individual file as i am the partner of a firm which is deducting TDS.
26 March 2014
please mention the nature of payment from you and firm vice versa
27 July 2025
Hey! Here’s the scoop on your situation:
* You are a **partner in a firm**, and the **firm is deducting TDS** on payments it makes.
* You, **in your individual capacity**, are paying **interest** to someone else.
### Question:
Do *you* have to deduct TDS on the interest payments you make individually, even though the firm is already deducting TDS on its payments?
---
### Explanation:
* The firm and you as an individual are **two separate taxpayers**.
* If **you as an individual** make payments (like interest) to others, **you are required to deduct TDS** as per the Income Tax Act **if the payment is covered under TDS provisions and exceeds the threshold limit**.
* The fact that the firm deducts TDS on its payments **does NOT exempt you from deducting TDS on payments you make personally**.
---
### Conclusion:
* Yes, you have to **deduct TDS on interest payments you make individually**, if applicable under the TDS provisions.
* The TDS deducted by the firm on its payments is separate from your personal TDS obligations.
---
* You are a **partner in a firm**, and the **firm is deducting TDS** on payments it makes.
* You, **in your individual capacity**, are paying **interest** to someone else.
### Question:
Do *you* have to deduct TDS on the interest payments you make individually, even though the firm is already deducting TDS on its payments?
---
### Explanation:
* The firm and you as an individual are **two separate taxpayers**.
* If **you as an individual** make payments (like interest) to others, **you are required to deduct TDS** as per the Income Tax Act **if the payment is covered under TDS provisions and exceeds the threshold limit**.
* The fact that the firm deducts TDS on its payments **does NOT exempt you from deducting TDS on payments you make personally**.
---
### Conclusion:
* Yes, you have to **deduct TDS on interest payments you make individually**, if applicable under the TDS provisions.
* The TDS deducted by the firm on its payments is separate from your personal TDS obligations.
---
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